Goldman Sachs Group Inc. is pausing its intention to open a cryptocurrency exchanging desk, as Business Insider reported September 5.
Vague Regulation Environment to Pause the Project
In December, Bloomberg announced the bank’s plan to launch a crypto-centered unit by the end of June 2018. Sources claimed that Goldman Sachs was willing to become "the first large Wall Street firm to make markets in cryptocurrencies."
However, since the regulatory policy remains rather vague, the bank has brought down the priority of the project. It might take some time before a regulated bank could exchange digital assets, claim the sources.
“At this point, we have not reached a conclusion on the scope of our digital asset offering,” Goldman Sachs spokesperson Michael DuVally told Reuters.
The Bank’s Perception of Crypto
Nevertheless, the decision doesn’t mean that the bank is going to completely dismiss crypto trading. Reportedly, Goldman Sachs is going to focus on a custody product for crypto, which will enable the bank to hold digital currency for the benefit of large customers and track its cost.
Although in May the bank’s executive Rana Yared said that “Bitcoin is not a fraud,” the organization's top officials stayed skeptical about cryptocurrency. Goldman Sachs' CEO Lloyd Blankfein once stated Bitcoin trading was not for him, but cleared up that he's open to reconsidering it, if the digital currency becomes "more established."